Speech given on the anniversary of the University of Ulm - Voith

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
CHECK AGAINST DELIVERY.
For a New Understanding of Globalization – Thoughts on the
World of Two Speeds
Dear Professor Schavan,
Professor Ebeling,
Honored members of the Office of the President,
Dear Deans,
Guests,
Ladies and Gentlemen,
I was very pleased to be invited to address you on the occasion of the 46th
anniversary of the University of Ulm. Thank you very much for your kind
invitation.
Firstly I would like to heartily congratulate all winners of this year's PhD.
prizes. As a representative of industry, I'm happy to see how vibrant and
strong Ulm is as a center of education and research, especially as it is a
close neighbor to Voith's headquarters in Heidenheim. Congratulations to all
of you and best wishes for your further career path!
I speak to you today to share the perspective of a company that is 100 years
older than the University of Ulm. For those of you who are not familiar with
the Voith Group: we are a family enterprise specializing in machine and plant
engineering. Voith delivers key components for infrastructure and for about
15 years has also been a major service provider for industry. Voith was
founded in 1867, so we are 146 years old. In our last business year we
achieved about 5.7 billion euros in sales and have around 42,000 employees.
Page 1 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
Over its 146 years the Voith family business has experienced many exciting
times. Since the early days it has repeatedly adapted to changes to be able
to meet the challenges posed by the times. Foreign markets have always
played a key role for Voith: in 1899 we delivered the first paper machine to
Russia. In 1910 we built the very first hydropower plant in China. Today over
70 percent of our sales are achieved outside of Germany.
Internationalism is a part of our history. With our experience and our
successes, do we really still have to think about the right kind of
internationalization in international markets?
The answer is a clear yes.
Yes, we must call the old ways into question, and must make way for the
new.
Yes, this is a difficult and sometimes also painful process.
And once again, yes:
This is the only way to have a clear prospect for success in a world running
at varying speeds.
What kind of world am I talking about when I talk about a "world of two
speeds"?
The high-speed countries
- At great speed on the way to the modern industrial society
- Growth in China: 7.8% (estimated)
- Main growth drivers: backlog of demand in all areas of life,
primarily infrastructure
Page 2 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
- Growth and change in all areas: business, government and
society
- With enormous speed, prosperity is being generated for
millions of people
On the one hand we see countries that have forged ahead towards becoming
modern industrial societies with great speed. The most important of these
countries is China. This year the International Monetary Fund expects a
growth rate there of about 7.8 percent – less dynamic than in the past but for
Europeans a growth rate between seven and eight percent still sounds
breathtaking.
The main factor driving growth in these "high-speed countries" is the
enormous increase in demand in all spheres of life, but mainly in the area of
infrastructure. The people in the Asian and Latin American countries
experiencing rapid growth want what we have taken for granted for a long
time. They want clean, reliable power plants, efficient and sustainable
transportation systems, factories with modern, resource-conserving
production lines, good roads, a secure water supply. Over the past several
years German mechanical engineering has benefited enormously from this
demand.
But it's not just the rapid growth of the economies in these regions that takes
our breath away. It is also the speed of the political and social changes that
are taking place in these countries. Anyone who saw cities like Shanghai or
New Delhi 20 years ago and returns there today will know what I mean.
Instead of riding on thousands of bicycles, the people are driving ever more
cars. High-speed trains connect important centers of the country. If you want
to see the largest and most modern subway system in the world, don't go to
Paris, New York or London, but go to Shanghai. The companies there are
Page 3 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
growing and are capturing more and more new markets. This is how
prosperity is created for millions of people at breathtaking speed.
The "classic" industrial nations
- Considerably slower growth for many years
- OECD: 1.9%
- Eurozone: -0.4%
- Germany: 0.7%
- Special role for the US with stronger growth forecasts
- Revolution in energy supply due to shale gas extraction
- Increasing independence from abroad
- Potential to become the world’s largest oil and gas producer
In contrast, economic performance in the classic industrial nations has been
much slower for many years. The 2013 forecast for the OECD countries is for
1.9 percent growth compared to the previous year. Performance in the euro
area is still under the spell of the financial and debt crisis. The EU
Commission projects the gross domestic product for the 17 European
countries will contract by 0.4 percent in 2013. Business and financial experts
expect 0.7 percent growth for Germany.
I see a special role in the group of "classic" industrial nations for the USA.
There's a key reason for this and it is shale gas. With new development
technologies that are not without controversy with respect to their impact on
the environment, oil and gas reserves can be developed that up to a few
years ago were not available.
This would appear to be the beginning of a real revolution in energy supply,
with far-reaching consequences not only for the development of the US
economy but also for the development of the political fabric of the world over
the next several years.
Page 4 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
With the development of new oil and gas reserves in the foreseeable future
the US will become increasingly less dependent on oil and gas deliveries
from abroad, i.e. from the Middle East.
The International Energy Agency IEA estimates that over the next several
years the US could become the largest gas and oil producer in the world.
This could mean that the world's largest economy would be transformed from
an importer to an exporter of energy and America's current enormous trade
deficit could be cut in half in the not-too-distant future.
The US oil and gas industry could thus experience a revival. The positive
development of the energy sector will influence the entire American economy
and permit the economy to regain strength with rising consumption and more
growth.
All in all the US and China will remain the leading, strong economic powers
of the globe for many more years and decades to come. And the US is also
the only country in the group of western industrial nations that is experiencing
population growth.
In the foreseeable future, the ever-increasing gap in economic growth will not
be closed. The "world of two speeds" is no temporary phenomenon. We're
talking about a fundamental shift in the centers of economic power.
Example China – confident player in the global economy
- Transition from "made in China" to "created in China"
- Conversion from a "sweatshop" to a technology leader in
key sectors
Government subsidies for:
- Mechanical engineering
Page 5 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
- Environmental technology
- Water/wastewater technology
- Recycling technology
o Goal: by 2015 annual growth of 33%
Doubling of R&D investments over the next 5 years
In the course of this shift the rules of the game in the markets are changing
fundamentally and at lightning speed. This is especially apparent in the
performance of China, which I would like to single out here as a
representative example of a "high-speed country." The mechanics of the
developments are particularly apparent and are also at work in a similar way
in the other "high-speed countries."
China has long matured into a confident player in the global economy. A
player that is no longer satisfied with the role of "sweatshop of the world",
and in particular with the role of mere importer of goods and services.
At last year's opening ceremony of the 2012 Hannover Messe trade show,
the Chinese head of government Wen Jiabao said something that should
give us all something to think about. His country's growth course, Jiabao
said, was not over by a long shot because many Chinese products were "still
at the mid-low end of the global industrial chain." It was now about a transition
from "Made in China" to "Created in China."
What this can mean exactly can be found in the twelfth 5-year plan of the
Chinese government. They write about the "transformation of the growth
trajectory of the Chinese economy." The plan is to transform the second
largest economy of the world from a "workbench" to a technology leader in
key sectors. And these key sectors have been established. The focus is
mainly on mechanical engineering, environmental technology, water and
Page 6 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
wastewater technology as well as recycling technology. In other words: it's
about us.
Over the next few years the government will pump 1.2 trillion euros in
subsidies into these priority sectors. The goal is for these sectors to
contribute 8% to the Chinese gross domestic product in 2015 instead of the
current 4 percent. This translates to an enormous growth of 33% annually in
these sectors. And even if overall economic growth is not 8% but maybe
"only" 7%, we're still talking about huge growth.
China will also double its R&D investments in the next five years. Taking
continuing growth into account this means R&D expenditures of about 215
billion euros. In Germany we spend about 70 billion euros.
And if all of this is not enough, acquisitions will be made to accelerate growth
or expansion. We are all aware of cases where the Chinese have already
started operating in Baden-Württemberg. One of the most well-known
examples is the "Putzmeister" company, which will surely ring a bell with
some of you. In 2011 the global market leader for concrete pumps was
acquired by its Chinese competitor Sany.
These are the challenges we are facing. Over the next few years our
domestic industry can expect to see the sort of competition it has yet to
experience to this degree. At an event for our Voith top management team,
Martin Walker, strategy manager of the international consulting firm AT
Kearny, said about the challenges from China: "You will have new
competition and it will be the competition from hell."
How should we deal with it? What answers do we have at Voith – and now
many other companies in German industry as well – to these challenges?
Page 7 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
How will we deal with it?
- Don't wait until competitors have become big
- Take on the sectors now in which competitors are strong
and will grow
- This means for us: we must enter the Chinese market
- Not only in the high-end market but above all also in the
medium-size segment
We must not wait for our competitors to get big. We must therefore take on
the sectors in which the competitors are strong and will grow, meet them in
the fields on which they acquire their strength, know-how and liquidity.
And this means for us: we must enter the Chinese market. Not only in the
high-end market, but above all in the medium-size segment as we call it at
Voith.
The medium-size segment
- Large volume markets
- Price plays a key role
- No cheap machines, but customized machines for particular
market segments at competitive prices
- No company can afford today not to be involved in the
medium-size segment in the Chinese market
What is this market segment? Well, they are large volume markets in which
price also plays a major role. Markets in which we go up against local
competitors and in which high-tech at any cost is no selling point. To avoid
misunderstandings: the medium-size segment is not about producing "cheap
machines." It's about offering tailor-made machines for a particular market
segment. And doing this above all against strong local competitors at
competitive prices.
Page 8 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
Today no company – no matter how good it is technologically and how far
ahead it is of the competition – can afford not to be involved in the mediumsize
segment in the Chinese market. Just based on the sheer size of this
market, an enterprise that misses this opportunity for business will relatively
quickly become a regional provider and in the best case will soon be
acquired or in the worst case disappear from the global market.
The medium-size segment in China – important for the domestic market as
well
- A company that does not grow with the new markets will also soon face
major challenges in his domestic markets
- And there are great growth opportunities here too:
for high-tech products, innovations and service concepts that are just right
- We must defend these markets because the competition has arrived at our
doorstep
A company that does not grow with the new markets will also soon face
major challenges in its domestic markets. And we'd like to continue doing
good business in Baden-Württemberg, in Germany, in Europe. For there are
growth opportunities here, too. With high-tech products, with innovations,
with service concepts that fit perfectly in these mature, highly developed
markets.
We will have to defend these markets as well in the future. The competition
has reached our front door. In the core markets of the industrial nation of
Germany.
The next level of internationalization
- Resolute servicing of the medium-size segment
Page 9 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
- Only success in the medium-size segment can prevent
new, strong competitors from soon giving us trouble in the
high-end market
- We must not wait until our competitors have become big.
We must now go where our competitors are acquiring their
size, know-how and liquidity.
How can we prevail against this competition? I say: the next level of
internationalization, resolute servicing of the medium-size segment is the
powerful weapon we need to defend our position in all our markets. Only if
we are successful in the medium-size segment as well will we prevent these
new strong competitors from acquiring volume, experience and liquidity for
themselves here and then very quickly giving us trouble in the high-end
segment.
And in my opinion this is the greatest challenge for all of us.
Because it's a mistake to believe that we can develop the products in
Germany that our customers in China really need. And that we can produce
these products here in Germany at competitive prices. In my opinion the
"world champion exporter" model doesn't work any more.
Customized products and technologies
- Not just adaptation of customary products but precisely
understand what is needed locally
- Establish ourselves not only in Asia, but also in the US as a
local enterprise
- If we wish to be players in these huge markets in the future,
there is only one answer:
- We need more local products, precisely customized
solutions for the special conditions and requirements in the
respective countries
Page 10 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
As always, we are quick to simply adapt ideas and products that work well at
home. And indeed, many of our technologies and innovations are excellently
suited for a particular, often Western clientele. But there are also major
groups of customers for whom we offer no solutions at all or only halfheartedly
suitable solutions. Simply because we don't really look at, don't
really understand what is actually needed there, under what framework
conditions people do business there.
This applies to Asia and in another way also to the recovering USA. And it's
quite clear that it is important there too to be perceived as a local company.
"Buy American" – is not only a political concept. For many US residents it is
an expression of a deep conviction according to which they make their
purchasing decisions.
If we don't wish to lose these customers, if we would like to be included as
players in these huge markets in the future and thus defend our strong
market position especially also in our domestic market of Germany, there is
only one answer: we need more local products that are precisely customized
solutions for the special conditions and requirements of the respective
countries.
Localization of the company in the regions
- Specialists, engineers, technicians from the respective country
- People who know what is needed locally
- Employees who have a different perspective on customers,
markets and products because they are rooted there
I say: we can only develop and produce such products locally.
- With specialists, engineers, technicians from the country.
Page 11 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
- With people who know what is really needed locally. Simply because
it's their homeland.
- With employees who approach things differently to start with. Because
the way they see customers, markets and products is completely
different to start with because they come from this country, have
grown up and have their roots here.
But it is still just the first step. The first step on the way toward becoming
more deeply connected not only with our products but also as a company
with the growth markets. With local managers, local technicians, local
responsibility.
Deep connections mean …
- To be networked like in Germany
- Become a domestic company in our markets
- Be perceived as a German-owned local company
- Corporate citizenship: support for schools and universities, sponsoring
and patronage and much more
Why is this deep connection so important?
In Germany we know everybody, everybody knows us. From our customers
to the universities and students, from the banks to the associations and in
government.
We are at home here, we have deep connections, we have deep roots.
Spoken from the perspective of Voith: if our customer Daimler is just thinking
about introducing a new truck engine generation, we'll know this immediately.
We'll know this because we are networked. Because we are at home here
and have known all the players well for many years.
Page 12 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
But how about Tata in India? Do we really know what the largest bus and
truck maker in the country is planning to do? Not for sure. Or contacts in
government: if decisions are being prepared in Berlin, then Voith is also
asked for its opinion. We have contacts that we can take advantage of, who
will keep us informed when political decisions are being debated.
But what about China? We don't have a grapevine there; we're not
networked so well with the political operators. How about India, Malaysia or
Indonesia? What decisions are being reached there, how are we connected?
In the next few years we will only be able to really get on board if we have
become domestic enterprises in our markets. As natural members of the
respective society that have been integrated and accepted in the local
economies of China, India and others.
We will be successful only if, as with our customers, we are perceived by
policy makers in our regional peer groups as Chinese, Indian, Brazilian
enterprises: as a local enterprise, deeply connected and rooted, but Germanowned.
On our way there the universities in these countries will also become more
important to us because we will recruit our new blood from them.
For this reason as well we have a vital interest in seeing that the university
education in these growth nations is outstanding. The quality of the
graduates is very important for a company that wishes to establish stronger
roots in those countries.
We welcome every initiative that is intended to improve university education
in these countries and will contribute towards this end as much as possible.
Page 13 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
Joint research projects, multilingual seminars and international student and
researcher exchanges are in our best interest. What better could happen to
us than to hire a qualified and highly capable university graduate who has
studied at a German university? Someone who speaks our language and
contributes towards helping our companies find a second home in his or her
country? And who also knows our own country because he or she studied
here for several years.
In Germany we need cosmopolitan universities and research institutes that
integrate and foster talented scientists from other countries and ensure a
good work environment. This will help us make our own company even more
international.
In countries like China or India we must not only develop our business. Just
like in Germany we must participate in creating our environment: whether
with contributions toward better education in the form of support for schools
and universities, with sponsoring and patronage, with collaboration with local
initiatives, with attractive offers for our employees in matters of child care,
continuing education, retirement plans – in short: with all the many things that
we here in Germany have taken completely for granted for many years.
Dear Ladies and Gentlemen,
We must rethink and redefine our concept of globalization. For us this means
initiating an enormous change process in our organizations. This effort goes
far beyond business management, financial, legal and strategic issues.
Changes raise questions
- Will the increasing entrenchment and internationalization change our
company?
- What about the established identity of our company, our values?
Page 14 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
- What will remain in Germany? What will we do here in the future?
- We have to change to take advantage of the opportunities of change
- Economic success is the basis for preserving our tradition and our
values
One of the first questions that you are asked in your organization when you
talk about a newer, more international way of thinking and increasingly
establishing deep connections abroad is: will this greater entrenchment and
internationalization change our company? What about the established
identity of our company, our values? What will remain for us here in
Germany? What will we do here in the future?
I understand the questions raised and the implied concerns and fears very
well. When Voith employees ask such questions, I say clearly: we will not
sever our roots. But I also say: the world is changing, so Voith and German
machine and plant engineering must change as well to take advantage of the
opportunities offered by change.
Taking advantage of the opportunities in the international markets secures
our long-term growth, financial independence and economic prosperity. And
it is only all of this that gives us the opportunity to preserve our tradition and
our values in the long-term.
My earlier discussion makes it clear that over the next few years added value
from Germany will recede. There remains the key question: What will remain
in Germany? What prospects are there for us in the "world of two speeds"?
Business model "Germany" – a phase-out model?
- No.
- Over the past 20 years, Germany has done a lot of things
right
Page 15 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
- We bank on our strengths of innovation, research and
quality
- Germany will continue to be the base for high-end products
and world-leading products as well
First of all: rethinking globalization does not mean that the German business
model is a phase-out model. On the contrary. These days, no one still speaks
about Germany being "the sick man of Europe" in the early 90s. At that time
the German economy took the right path: we accepted the challenges. If
developments of the past 20 years in Europe have made one thing clear then
it is that the often propagated idea of a pure service provider company is not
the way to go.
A great country cannot live from trade and change alone. Healthy economies
need an industrial core around which services can then be created. Nothing
can be done without this core. We did not de-industrialize the way Great
Britain did, for example, we got fit, we restructured, focused on our strengths:
innovation, research and quality. And this is why today Germany is one of the
strongest economies in Europe.
For me, this is the answer to the question just raised: What will remain? What
must remain?
Germany will also definitely continue to be the location where we define our
company core processes, which will then be rolled out and implemented
worldwide. Where we develop key know-how, consolidate and maintain.
From where we will start global initiatives and install benchmark processes
for our global activities.
Page 16 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
In any case what will remain will be the high-end segment, the technology
centers and construction of pilot plants for developing manufacturing
processes (lead factories).
What will remain and can remain is the production of so-called world
products, which will be measured by the same standards in all markets.
Conditions for lasting success
- We must work on the competitiveness of Germany
- We must maintain our education system at a world-class
level
- Universities are key competitive factors for Germany
- Engineers and scientists educated at our universities are
the backbone of our success
All of these key tasks will remain in Germany. But only if we reflect on our
strengths and continue working on ensuring the competitiveness of the
German business location. This includes making Germany attractive as a
producing industrial location, i.e. making the production costs for world
products as reasonable as possible. With competitive energy costs, with
outstanding infrastructure, with secure and rapid data networks.
But this also includes above all – and I would like to emphasize this today –
that we maintain and further develop our education system in Germany as a
world-class system. This starts in the kindergartens and schools: instilling
enthusiasm in children for technology and science at an early stage is a key
task that Voith is working on in many initiatives. For example with our
"knowledge factory" in the KiTech and NaWi projects or in the "house of little
researchers," which starts at an early age and is being successfully practiced
in our company kindergartens.
Page 17 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
As companies we must make sure that the dual education system – which is
a true success model – and our life-long continuing education of our
employees retain their top class reputation. For this we need continuous
training for our technicians throughout their careers in collaboration with
companies and universities, universities of applied technology and the dual
universities: only thus can our employees assume their role model function
with respect to the pilot plants. Our technician training is the envy of the
world. And we are all well advised to enhance this strength.
For over 100 years Voith has been a trailblazer in the dual education system
in Germany. The East Württemberg Chamber of Industry and Commerce
founded "Club 100." This group includes the trainees who achieved 100
points out of the maximum 100 possible points upon completion of training.
Voith places great value on a holistic approach to its career training, i.e.
combining the teaching of social competencies with performance
competencies. The fact that 60% of all graduates of Club 100 in the region
are from Voith shows that we are on the right path. This is something we are
very proud of. And this shows us that our training concept is working.
At Voith we have been "exporting" this model for years to our locations in
Brazil and China. We are currently building a new 16 million euro training
center at our headquarters in Heidenheim and an eight million euro training
center at our Chinese location in Kunshan.
Last but not least: so that all of this can remain, so that we can continue
achieving the 100 points in Germany, we need the best-educated engineers,
scientists and businessmen. Academics who are educated at outstanding
universities, in an environment that opens up all opportunities to everyone.
Engineers and scientists educated at German universities enjoy a worldwide
reputation for a high level of technical knowledge. They are the backbone of
Page 18 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
our success. We should all be very interested in making sure that it stays this
way and creating the corresponding conditions. I am well aware that in these
times of scarce funds in the public coffers it is easier said than done. But
here too we should keep making it clear to the policy makers that good
universities are a key competitive factor for our country.
Most of the things I have just mentioned, which will remain in Germany even
in a world of two speeds, are directly dependent on an outstanding
educational landscape. Above all on an attractive academic landscape that is
considered the very best in the world as it still is today in Germany. The
University of Ulm is an outstanding example of this.
If top executives leave, if there is a shortage of good junior employees, if the
framework conditions for research and teaching here at home fall behind other
countries, this strikes Germany in its most vulnerable spot. In a spot where we
are strong. In an area that many countries envy us for today. We should all
make sure that it stays this way.
Conclusions
- The scales of the global economy will tip permanently and
irreversibly in the next decade
- Great opportunities for us are inherent in this change and
we must take advantage of them
- Future viability will depend on the ability to adjust to the
various speeds and to rethink globalization
- Internationalization and deep connections are the keys to
success
Dear Ladies and Gentlemen,
Page 19 of 20

<strong>Speech</strong> on: Anniversary of the University of Ulm, July 19, 2013
Dr. Hubert Lienhard, President & CEO of Voith GmbH
In the foreseeable future, the emerging and growth economies, China ahead
of all, will remain the growth engine of the global economy.
As a result in the next decade the scales of the global economy will be tipped
for the long-term and irreversibly. My children will experience this
fundamental change in their professional lives. This generation will see Asia
become the center of the global economy.
I ask that we not see what is coming in a negative way, that we not let fear
overcome us. Fear is always a poor councilor. A great number of
opportunities for Germany are inherent in these developments. Because the
markets are huge. Financial independence and economic prosperity will
come our way only if we take advantage of these opportunities. Only if we
take this path will we secure the existence and the independence of our
domestic companies. And this also serves the purpose above all of the
strength and the continuing existence of the industrial landscape in Germany
and in Baden-Württemberg.
Future viability in this time of change will depend on the ability to adjust to the
various speeds and rethink globalization. Internationalization and deep
connections are the keys.
Thank you for your attention
Page 20 of 20